Brooklyn Rental Building Lands Mystery Buyer

New York REIT entered an agreement to sell a rental building in Brooklyn to an undisclosed buyer.
163 Washington Avenue - Brooklyn

163 Washington Avenue – Brooklyn

A 16-story apartment building located at 163 Washington Ave. in Brooklyn’s Clinton Hill/Fort Greene neighborhood is about to change ownership. New York REIT announced it agreed to sell the asset to an unnamed buyer for $38.05 million, at a cap rate of 4.7 percent. The company selected HFF to broker this transaction, which is expected to be completed at the end of 2015.

Built in 2011, the 60,000-square-foot luxury building was developed by the GLC Group under conceptual plans designed by Karl Fischer Architect. It includes 49 rental units ranging from studios to two-bedrooms, one commercial unit, as well as 38 parking spaces and 20 storage lockers.

“We are very pleased to announce this pending sale, which marks the latest step in our previously stated strategic initiative to sell non-core assets.  We continue to receive substantial interest in the four other assets we have for sale outside of Manhattan and are continuing to work with Holliday Fenoglio Fowler and Cushman & Wakefield to pursue these opportunities,” Michael Happel, CEO & president of New York REIT, said in a press statement.

Image courtesy of HFF